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Councilmember Hendriksen introduced the following resolution and moved for its adoption: <br />RESOLUTION APPROVING INTERFUND LOANS ON VARIOUS PROJECTS <br />THROUGHOUT THE CITY WITH THE SOLE INTENTION OF BEING <br />REIMBURSED WITH TAX INCREMENT <br />WHEREAS, effective August 1, 2001, cities will need approval via resolution before <br />money can be transferred, advanced, or spent pertaining to an inter -fund loan that will be <br />reimbursed with tax increment dollars; and <br />WHEREAS, Cities allow inter -fund loans because they have cash on hand which they <br />can `loan' to a project with the intention and understanding that tax increment would repay the <br />loan and to save bond costs; and <br />WHEREAS, prior to August 1, 2001, cities are allowed to `bring into compliance' any <br />funds that were considered inter -fund loans by passing a resolution stating the amount and fund <br />that loaned the money for the effected Tax Increment project; and <br />WHEREAS, after August 1, 2001, The City wishes to reimburse itself from the PIR <br />(loan) fund at an interest rate of 4% for TIF 2 — TIF 10 expenses; and <br />WHEREAS, it has been determined that the following projects were and will be retained <br />with inter -fund loans with the expectation that tax increment would /will reimburse the loaning <br />fund; Project Loaning Fund(s) Amount <br />- Highway 47 /Sunwood Highway 47 & PIR Fund $2,115,060 <br />- Burger King Sewer & Water Sewer & Water Utility $465,218 <br />- Spohn Property EDA $278,302 <br />-* *Sauter /Maken PIR $1,382,977 <br />- B &B Carpeting S &W Sewer & Water Utility $72,950 <br />-Well #3 Water Utility $269,590 <br />- Business Park 95 Phase I &II PIR $609,899 <br />TIF #2Admin PIR $30,000 <br />TIF #7Admin PIR $20,000 <br />TIF #8 Admin & Land(Future)PIR $500,000 <br />TIF #9 Admin PIR $30,000 <br />TIF #1 0(Admin) PIR $30,000 <br />- Spent Prior 8/1/01 <br />** Reimbursed with bond proceeds <br />NOW THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF <br />RAMSEY, ANOKA COUNTY, STATE OF MINNESOTA, as follows: <br />That the Ramsey City Council hereby approves the inter -fund loan schedule that was <br />used to fund various capital improvement projects and administrative costs with the entire <br />said costs to be reimbursed by tax increment. <br />The motion for adoption of the foregoing resolution was duly seconded by Councilmember <br />Zimmerman, and upon vote being taken thereon, the following voted in favor thereof: <br />Mayor Gamec <br />Councilmember Hendriksen <br />Councilmember Zimmeman <br />RESOLUTION #01- 07 -255A <br />